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MRA UK Investments Limited

Registered number: 11399150
Annual report and consolidated
 financial statements
For the year ended 30 June 2023

 
MRA UK INVESTMENTS LIMITED
 
 
COMPANY INFORMATION


Directors
J Adey 
N Kelly 




Registered number
11399150



Registered office
Alexander House Highfield Park

Llangwyfan

Denbighshire

LL16 4LU




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
MRA UK INVESTMENTS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 7
Independent Auditor's Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Statement of Financial Position
 
13
Company Statement of Financial Position
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Notes to the Financial Statements
 
19 - 41


 
MRA UK INVESTMENTS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Business review
 
MRA UK Investments Limited was incorporated on 05 June 2018 as a holding company for a portfolio of limited companies that were under common ownership. This has been undertaken for the purposes of administrative simplification. 
The principal activities of the group is the care of adults and children with learning difficulties, autism and mental health conditions by operating residential care homes and hospitals. Other companies within the group are also engaged in property ownership (mainly for group use) and the development of high end audio systems.
As reported in the Consolidated Statement of Comprehensive Income, profit for the year ended 30 June 2023 was £3,394,188 (2022: £2,339,765).
The Group has continued to implement its strategy of investment in facilities which will drive turnover whilst adjusting the cost base to ensure that it is suitable for the nature of operations. The return to profitability is anticipated to continue. The owners of the Group also remain supportive and investment remains available should value enhancing opportunities be found.
Financial position at the reporting date
The Consolidated Statement of Financial Position shows that the Group’s net assets at the period end are £42,394,069 (2022: £38,999,881).

Principal risks and uncertainties
 
The directors consider the key risks and uncertainties facing the group to be as follows:
Competitive pressure in the care sector for specialist services is a continuing risk for the company as a number of alternative providers exist across the UK. The group continues to mitigate this risk by developing services which are sufficiently differentiated from the competition by means of both the behavioural models applied and the client groups cared for. 
The service users of the care businesses may be wholly funded by public sector sources. Consequently, the group is exposed to risks surrounding changes in government policies and the impact of enacted and planned reductions in spending on health and social care. This risk is mitigated by providing robust evidence of quality and service user outcomes, as well as ensuring that the group continues to contract with a wide range of funding providers. The group will continue to review and amend its cost base to counteract funding changes. 
The directors have considered the MRA UK group and subsidiary companies’ trading and cash flows for the foreseeable future taking into account reasonably possible changes in trading performance. After making enquiries and taking into account the uncertainties arising from the current economic circumstances, the directors have a reasonable expectation that the company and the MRA UK group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

- 1 -

 
MRA UK INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid 19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Future developments
 
The Group’s strategy is to continually improve the quality of the services provided and to increase its capacity. This will be delivered through continued investment in the development of our employees and refurbishment of our existing properties.

Financial key performance indicators
 
Management monitors a number of financial and non financial performance indicators to monitor the performance of business.  These include revenue, profitability and: 
 

Cash at bank



2023
2022
Cash at bank
£5,625,984
£7,156,321



EBITDA
2023
2022
EBITDA
£6,851,607
£4,927,132
EBITDA margin
13%
11.2%


EBITDA is calculated by adding back depreciation, amortisation, interest, taxation and property rental charges to profit for the financial year. The EBITDA margin is calculated by dividing EBITDA by turnover. 

- 2 -

 
MRA UK INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Directors' statement of compliance with duty to promote the success of the Group
 
The board of directors of MRA UK Investments Limited consider that both individually and together for the year ended 30 June 2023 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its members as a whole and having regard to the matters set out in s17 (1)(a-f) as below:

a)the likely consequences of any decision in the long term;
b)the interest of the company's employees;
c)the need to foster the company's business relationships with suppliers, customers and others;
d)the impact of the company's operations on the community and the environment;
e)the desirability of the company maintaining a reputation for high standards of business conduct;
f)the need to act fairly between members of the company.

The directors work closely with the management team and make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.
(a) the likely consequences of any decision in the long term;
The directors have regard to the likely consequences of their decisions on the long term objectives and sustainability of the Group, its stakeholders and the community whilst also preserving its values and culture. 
Cash requirements are monitored taking into account operating costs, cash required for capital investment in the living environment of the homes, schools and hospitals as well as capital investment in opportunities for future growth. These decisions are taken by balancing the requirements of stakeholders and without prejudicing the position of other creditors. 
We assess the profitability and performance of each of our homes and hospitals on an individual basis and would only make the decision to dispose or close an operation if the costs outweigh the fees or if there were serious operational concerns with the environment. This decision would be made based on a long term view and factor in the needs of care provision for our residents and patients. 
Investment in skills and training is an area where initial costs are more than outweighed by long term benefits. We will strive to train our employees to the highest standard possible as they are our greatest investment.  
Investment in our portfolio of properties is important to provide high quality living and working environments for our residents, patients and staff and this is an area of focus for the directors and management team.
We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
(b) the interests of the Group's employees;
Our employees represent our business so it is very important that they have the right attitude and the drive to create ideas, promote high levels of care, grow and develop and set high standards. All employees are encouraged to be honest and regular supervisions and employee surveys are held to facilitate this. The board receives reports on the results of these surveys together with action plans that management intend to take forward.
The directors and management team provide supervisions to many staff and visit the locations and talk to the employees which gives them the opportunity to hear their ideas and see first-hand where any improvements can be made.  
 
- 3 -

 
MRA UK INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

(c) the need to foster the Group's business relationships with suppliers, customers and others;
The directors are in regular dialogue with Commissioning Authorities, Health Boards and Local Authorities and work with them, as well as families and advocates of our residents and patients to collaborate with them and seek to provide care, support and protect the adults and children we look after.
Our common purpose is to improve the lives of the residents and patients through positive relationships leading to outcomes.
Our homes, hospitals and schools are located throughout the UK and we seek to use local suppliers where possible and build strong and trusted supplier relationships to support the business. 
(d) the impact of the Group's operations on the community and environment;
Where possible we engage with the local communities and work with stakeholders to provide good levels of dialogue and communication.
e) the desirability of the Group maintaining a reputation for high standards of business conduct;
All new employees get an Offer Pack which includes our standards, equal opportunities and safeguarding policies. A training programme is shared thereafter. All employees have easy access to our Staff handbook and understand the requirement for them to comply with the Group’s high standards of care to support the adults and children we work with and to maintain high standards of business conduct at all times.  Any issues of non-compliance with any of our policies can be dealt with in confidence and there is a Speak Up Guardian.
f) The need to act fairly between members of the Group;
The Group aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Group.


This report was approved by the board on 4 March 2024 and signed on its behalf.



N Kelly
Director

- 4 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity is a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £3,394,188 (2022 - £2,339,765).

Directors

The directors who served during the year were:

J Adey 
N Kelly 

- 5 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Going Concern

Liquidity is managed on a group wide basis with the group currently not being reliant on third party finance and does not expect to be so for the foreseeable future. The board has considered the group's and the company's future trading and cash flows for the foreseeable future, taking into account reasonably possible changes in trading performance, and has concluded that the group has adequate resources to continue in operational existence for the foreseeable future. The financial statements are thus prepared on a going concern basis.
The group remains both profitable and in a net asset position.
The Directors consider the Group to be resilient and able to respond to any adverse effects in order to minimise the impact on the financial performance of the Group.

Engagement with employees

The business places significant value on the involvement and engagement of our employees throughout all aspects of our business. Employees are actively engaged through annual staff surveys, regular newsletters and regular business activities which enable and promote staff engagement. Employees receive a wide range of information about the business and its activities and are encouraged to speak openly and frankly to managers and senior leaders about their experience of the business and to make suggestions for improvements. 

Disabled employees

The business operates in a non discriminatory way giving full consideration to application for employment from all individuals including those with a disability and where that disability does not prevent the applicant from fulfilling the requirements of the role. The business actively looks at responsible adjustments that would help disabled individuals to fulfil job roles both at the commencement of employment and in the even that a disability becomes apparent during the course of employment. The business provides a range of learning and development activities all of which are accessible to individuals with disabilities and ensures that all recruitment and promotion activity is based on merit. 

Engagement with employees

The business places significant value on the involvement and engagement of our employees throughout all aspects of our business. Employees are actively engaged through annual staff surveys, regular newsletters and regular business activities which enable and promote staff engagement. Employees receive a wide range of information about the business and its activities and are encouraged to speak openly and frankly to managers and senior leaders about their experience of the business and to make suggestions for improvements.
Disabled employees
The business operates in a non discriminatory way giving full consideration to application for employment from all individuals including those with a disability and where that disability does not prevent the applicant from fulfilling the requirements of the role. The business actively looks at reasonable adjustments that would help disabled individuals to fulfil job roles both at the commencement of employment and in the event that a disability becomes apparent during the course of employment. The business provides a range of learning and development activities all of which are accessible to individuals with disabilities and ensures that all recruitment and promotion activity is based on merit. 

- 6 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

SECR statement

Based on the work carried out as part of the ESOS report and updated energy usage information the estimated total energy consumption is 7,963,206 kWh for 2023 (2022: 7,978,206 kWh). The table below illustrates the conversion from kWh to CO2 per kg:


2023
2022

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
7,963,206
7,963,206

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in kg of CO2 equivalent)
1,760,498
1,731,659

There have been a number of initiatives that have been undertaken to assist the organisation with its environmental responsibilities from the use of heat source pumps in certain facilities to the use of green energy supplies, this will be an area of considerable focus for the organisation going forward.


Matters covered in the Group Strategic Report

Certain information is not shown in the Director's Report because it is shown in the Strategic Report on pages   1-4 instead under s414C(11). The Strategic Report includes a business review, principal risks and uncertainties and information on the Company's key performance indicators.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 March 2024 and signed on its behalf.
 





N Kelly
Director

- 7 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MRA UK INVESTMENTS LIMITED
 

Opinion

We have audited the financial statements of MRA UK Investments Limited (the ‘Parent Company’) and its subsidiaries (the 'Group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Group's and Parent Company’s affairs as at 30 June 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 8 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MRA UK INVESTMENTS LIMITED
 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

- 9 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MRA UK INVESTMENTS LIMITED
 

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Group or Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Group and Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements:  employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and the Parent Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
- 10 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MRA UK INVESTMENTS LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.




Neil Barton (Senior Statutory Auditor)

  
for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

6 March 2024
- 11 -

 
MRA UK INVESTMENTS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
53,589,317
43,974,859

Cost of sales
  
(33,427,707)
(29,020,566)

Gross profit
  
20,161,610
14,954,293

Administrative expenses
  
(15,239,273)
(12,077,912)

Exceptional administrative expenses
 11 
(35,282)
(336,118)

Impairment loss
 11 
(44,346)
(750,000)

Other operating income
 5 
625
1,221,011

Operating profit
  
4,843,334
3,011,274

Interest payable and expenses
 9 
(150,401)
(104,110)

Profit before tax
  
4,692,933
2,907,164

Tax on profit
 10 
(1,298,745)
(567,399)

Profit for the financial year
  
3,394,188
2,339,765

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 41 form part of these financial statements.

- 12 -

 
MRA UK INVESTMENTS LIMITED
REGISTERED NUMBER: 11399150

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
530,645
825,415

Tangible assets
 13 
37,811,903
36,471,473

  
38,342,548
37,296,888

Current assets
  

Stocks
 15 
263,911
280,207

Debtors: amounts falling due within one year
 16 
8,540,113
8,340,685

Cash and cash equivalents
 17 
5,625,984
7,156,321

  
14,430,008
15,777,213

Creditors: amounts falling due within one year
 18 
(9,479,742)
(13,336,261)

Net current assets
  
 
 
4,950,266
 
 
2,440,952

Total assets less current liabilities
  
43,292,814
39,737,840

Provisions for liabilities
  

Deferred tax
 19 
(898,745)
(737,959)

Net assets
  
42,394,069
38,999,881


Capital and reserves
  

Called up share capital 
 20 
400,202
400,202

Share premium account
 21 
37,599,998
37,599,998

Profit and loss account
 21 
4,393,869
999,681

  
42,394,069
38,999,881


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2024.




N Kelly
Director

- 13 -

 
MRA UK INVESTMENTS LIMITED
REGISTERED NUMBER: 11399150

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,781
876

Investments
 14 
44,350,829
44,350,807

  
44,352,610
44,351,683

Current assets
  

Debtors: amounts falling due within one year
 16 
1,029,967
4,668,143

Cash and cash equivalents
 17 
29,085
533,885

  
1,059,052
5,202,028

Creditors: amounts falling due within one year
 18 
(8,255,221)
(12,610,527)

Net current liabilities
  
 
 
(7,196,169)
 
 
(7,408,499)

Total assets less current liabilities
  
37,156,441
36,943,184

  

Provisions for liabilities
  

Deferred taxation
 19 
(445)
(219)

Net assets
  
37,155,996
36,942,965


Capital and reserves
  

Called up share capital 
 20 
400,202
400,202

Share premium account
 21 
37,599,998
37,599,998

Profit and loss account
 21 
(844,204)
(1,057,235)

  
37,155,996
36,942,965


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit/loss after tax of the Parent Company for the period was profit of £213,031 (2022: loss of £1,118,503).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2024.

N Kelly
Director

The notes on pages 19 to 41 form part of these financial statements.

- 14 -

 
MRA UK INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2021
400,202
37,599,998
(1,340,084)
36,660,116


Comprehensive income for the year

Profit for the year
-
-
2,339,765
2,339,765
Total comprehensive income for the year
-
-
2,339,765
2,339,765



At 1 July 2022
400,202
37,599,998
999,681
38,999,881


Comprehensive income for the year

Profit for the year
-
-
3,394,188
3,394,188
Total comprehensive income for the year
-
-
3,394,188
3,394,188


At 30 June 2023
400,202
37,599,998
4,393,869
42,394,069


The notes on pages 19 to 41 form part of these financial statements.

- 15 -

 
MRA UK INVESTMENTS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2021
400,202
37,599,998
61,268
38,061,468


Comprehensive income for the year

Loss for the year
-
-
(1,118,503)
(1,118,503)
Total comprehensive income for the year
-
-
(1,118,503)
(1,118,503)



At 1 July 2022
400,202
37,599,998
(1,057,235)
36,942,965


Comprehensive income for the year

Profit for the year
-
-
213,031
213,031
Total comprehensive income for the year
-
-
213,031
213,031


At 30 June 2023
400,202
37,599,998
(844,204)
37,155,996


The notes on pages 19 to 41 form part of these financial statements.

- 16 -

 
MRA UK INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,394,188
2,339,765

Adjustments for:

Amortisation of intangible assets
250,424
250,434

Depreciation of tangible assets
1,741,880
1,566,261

Loss on disposal of tangible assets
(14,308)
(162,054)

Impairment loss on intangible assets
44,346
750,000

Government grants
-
(1,050,672)

Interest paid
150,401
104,110

Taxation charge
1,298,745
567,399

Decrease/(increase) in stocks
16,296
(44,607)

(Increase) in debtors
(199,428)
(2,660,328)

(Decrease)/increase in creditors
(442,727)
1,905,392

Corporation tax (paid)/received
(129,483)
-

Net cash generated from operating activities

6,110,334
3,565,700


Cash flows from investing activities

Purchase of tangible fixed assets
(3,128,495)
(3,288,931)

Sale of tangible fixed assets
60,493
1,019,552

Government grants received
-
1,050,672

Net cash from investing activities

(3,068,002)
(1,218,707)
- 17 -

 
MRA UK INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


2023
2022

£
£



Cash flows from financing activities

Movement on loan accounts
(4,422,268)
389,168

Interest paid
(150,401)
(104,110)

Net cash used in financing activities
(4,572,669)
285,058

Net (decrease)/increase in cash and cash equivalents
(1,530,337)
2,632,051

Cash and cash equivalents at beginning of year
7,156,321
4,524,270

Cash and cash equivalents at the end of year
5,625,984
7,156,321


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,625,984
7,156,321


The notes on pages 19 to 41 form part of these financial statements.

- 18 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

MRA UK Investments Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England & Wales, registered number 11399150. The registered office is Alexander House, Highfield Park, Llangwyfan, Denbighshire, LL16 4LU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Liquidity is managed on a group wide basis with the group currently not being reliant on third party finance and does not expect to be so for the foreseeable future. The board has considered the group's and the company's future trading and cash flows for the foreseeable future, taking into account reasonably possible changes in trading performance, and has concluded that the group has adequate resources to continue in operational existence for the foreseeable future. The financial statements are thus prepared on a going concern basis.
The group remains both profitable and in a net asset position.
The Directors consider the Group to be resilient and able to respond to any adverse effects in order to minimise the impact on the financial performance of the Group.

- 19 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

- 20 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

- 21 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10 years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Plant & machinery
-
5 years reducing balance
Motor vehicles
-
5 years straight line
Fixtures & fittings
-
3-5 years straight line
Assets under construction
-
nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 22 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 23 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
- 24 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
- 25 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

- 26 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the group's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgments in applying the group's accounting policies
The critical judgments that the directors have made in the process of applying the group's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. 
Key sources of estimation uncertainty
The directors do not consider there to be any key assumptions concerning the future and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Determining residual values and useful economic lives of tangible fixed assets
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on the historic performance as well as expectation about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles an maintenance programs. 
Judgment is applied by management when determining the residual value for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the company would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market place.


4.


Turnover

All turnover arose within the United Kingdom.

- 27 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Other operating income

2023
2022
£
£

Other operating income
625
170,339

Government grants receivable
-
1,050,672

625
1,221,011



6.


Auditor's remuneration

During the year, the Group obtained the following services from the Group's auditor:


2023
2022
£
£

Fees payable to the Group's auditor for the audit of the consolidated and parent Company's financial statements
7,036
6,380

Fees payable to the Group's auditor in respect of:

The auditing of accounts of associates of the Group
94,964
86,120

Taxation compliance services
24,975
19,750

All non-audit services not included above
45,210
42,600

- 28 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
26,466,954
22,589,569

Social security costs
2,418,606
1,970,110

Cost of defined contribution scheme
474,427
409,633

29,359,987
24,969,312


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Service management and care staff
854
763
-
-



Management and administration
163
190
-
-



Directors
8
7
2
2

1,025
960
2
2


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
216,667
200,000

Company contributions to defined contribution pension schemes
1,426
1,319

218,093
201,319


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £216,667 (2022 - £200,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,426 (2022 - £1,319).

- 29 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
150,401
104,110

150,401
104,110


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,267,442
129,483

Adjustments in respect of previous periods
(129,483)
(4,399)


Total current tax
1,137,959
125,084

Deferred tax


Origination and reversal of timing differences
52,313
551,265

Adjustments in respect of prior periods
108,473
(108,950)

Total deferred tax
160,786
442,315


Taxation on profit on ordinary activities
1,298,745
567,399
- 30 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,692,933
2,907,164


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022 - 19%)
962,051
552,361

Effects of:


Non-tax deductible amortisation of goodwill and impairment
48,644
47,583

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
245,448
149,202

Fixed asset differences
204,404
82,977

Adjustments to tax charge in respect of prior periods
(129,483)
(4,399)

Adjustments to opening and closing deferred tax rates
-
226,126

Adjustments to tax charge in respect of prior periods - deferred tax
108,473
(108,950)

Chargeable gains
-
838

Deferred tax not recognised
(183,005)
(378,982)

Remeasurement of deferred tax for changes in tax rates
42,327
-

Other differences leading to an increase (decrease) in the tax charge
(114)
643

Total tax charge for the year
1,298,745
567,399


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

- 31 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Exceptional items

2023
2022
£
£


Exceptional COVID-19 costs
(28,489)
13,256

Exceptional employee legal claim settlement
63,771
322,862

Impairment loss
44,346
750,000

Total exceptional items
79,628
1,086,118

Impairment loss recognised in prior year relates to the impairment of Goodwill. 


12.


Intangible assets

Group





Goodwill

£



Cost


At 1 July 2022
2,504,236



At 30 June 2023

2,504,236



Amortisation


At 1 July 2022
1,678,821


Charge for the year
250,424


Impairment charge
44,346



At 30 June 2023

1,973,591



Net book value



At 30 June 2023
530,645



At 30 June 2022
825,415



- 32 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Tangible fixed assets

Group






Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Assets under construction
Total

£
£
£
£
£
£



Cost


At 1 July 2022
38,989,578
28,753
1,492,866
11,367,371
2,970,343
54,848,911


Additions
217,879
-
697,310
566,841
1,646,465
3,128,495


Disposals
(22,758)
-
(607,024)
(10,889)
(54,015)
(694,686)


Transfers between classes
1,520,451
34,661
25,500
137,677
(1,718,289)
-



At 30 June 2023

40,705,150
63,414
1,608,652
12,061,000
2,844,504
57,282,720



Depreciation


At 1 July 2022
7,423,068
63,231
1,168,468
9,435,381
287,290
18,377,438


Charge for the year on owned assets
860,537
183
182,123
704,584
(5,547)
1,741,880


Disposals
-
-
(583,597)
(10,889)
(54,015)
(648,501)



At 30 June 2023

8,283,605
63,414
766,994
10,129,076
227,728
19,470,817



Net book value



At 30 June 2023
32,421,545
-
841,658
1,931,924
2,616,776
37,811,903



At 30 June 2022
31,566,510
(34,478)
324,398
1,931,990
2,683,053
36,471,473

Included in freehold property is freehold land at cost of £2,055,670 (2022: £2,055,670), which is not depreciated. 

- 33 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           13.Tangible fixed assets (continued)


Company






Fixtures & fittings

£

Cost 


At 1 July 2022
1,629


Additions
995



At 30 June 2023

2,624



Depreciation


At 1 July 2022
753


Charge for the year on owned assets
90



At 30 June 2023

843



Net book value



At 30 June 2023
1,781



At 30 June 2022
876






- 34 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 July 2022
44,350,807


Additions
22



At 30 June 2023
44,350,829




- 35 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

MRA Real Estate Limited
Ordinary
100%
Cosmotron Limited
Ordinary
100%
Mental Health Care (U.K) Limited
Ordinary
100%
Mental Health Care (Avalon) Limited*
Ordinary
100%
Mental Health Care (Clwyd) Limited*
Ordinary
100%
Mental Health Care (Community) Limited*
Ordinary
100%
Mental Health Care (Furze Mount) Limited*
Ordinary
100%
Mental Health Care (Grove Hall) Limited*
Ordinary
100%
Mental Health Care (Heswall) Limited*
Ordinary
100%
Mental Health Care (Highfield Park) Limited*
Ordinary
100%
Mental Health Care (Hoylake) Limited*
Ordinary
100%
Mental Health Care (New Hall) Limited*
Ordinary
100%
Mental Health Care (Newton House) Limited*
Ordinary
100%
Mental Health Care (Plas Coch) Limited
Ordinary
100%
Mental Health Care (Rockfield) Limited*
Ordinary
100%
Mental Health Care (St David's) Limited*
Ordinary
100%
Mental Health Care (Wirral) Limited*
Ordinary
100%
Senior Healthcare (UK) Limited
Ordinary
100%
Young Foundations Limited
Ordinary
100%
MHC (Health) Limited*
Ordinary
100%
MHC (Social Care) Limited*
Ordinary
100%

- 36 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Subsidiary undertakings (continued)


* held indirectly
The registered office of Limited and Mental Health Care (Wirral) Limited and Young Foundations Limited is located at 7 Grosvenor Street, Chester, CH1 2DD. All other subsidiaries have their registered office located at Alexander House Highfield Park, Llangwyfan, Denbighshire, LL16 4LU.
The following UK companies were exempt from the requirements relating to the audit of individual accounts by virtue of section 479A of the Companies Act 2006: 
MRA Real Estate Limited
Cosmotron Limited


15.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
263,911
280,207

263,911
280,207


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
6,517,377
4,909,954
-
-

Amounts owed by group undertakings
-
-
660,057
4,322,025

Amounts owed by related parties
1,162,547
2,190,971
345,038
345,038

Other debtors
104,158
113,477
23,792
-

Prepayments and accrued income
756,031
1,126,283
1,080
1,080

8,540,113
8,340,685
1,029,967
4,668,143


Amounts owed by group undertakings are interest free and repayable on demand.

- 37 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
5,625,984
7,156,321
29,085
533,885



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,546,713
1,687,660
563
434

Amounts owed to group undertakings
-
-
6,763,716
6,694,415

Corporation tax
1,142,373
133,897
-
-

Other taxation and social security
769,100
794,036
-
-

Other creditors
3,660,353
8,051,163
1,426,455
5,906,389

Accruals and deferred income
2,361,203
2,669,505
64,487
9,289

9,479,742
13,336,261
8,255,221
12,610,527


Within the Group Other creditors there is an amount of £3,208,067 (2022: £7,630,335) that relates to Director's loan account. In the Company Other Creditors the amount relating to Director's loan accounts is £1,417,050 (2022: £5,889,168).
Amounts owed to group undertakings are interest free and repayable on demand. 


19.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(737,959)
(295,641)


Charged to profit or loss
(160,786)
(442,318)



At end of year
(898,745)
(737,959)

- 38 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
19.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
(219)
(152)


Charged to profit or loss
(226)
(67)



At end of year
(445)
(219)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Fixed asset differences
(1,026,127)
(880,884)
(445)
(219)

Losses and other deductions
117,592
134,217
-
-

Short term timing differences
9,790
8,708
-
-

(898,745)
(737,959)
(445)
(219)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,151 (2022 - 200,151) Ordinary shares of £1.00 each
200,151
200,151
200,051 (2022 - 200,051) Redeemable shares of £1.00 each
200,051
200,051

400,202

400,202

Ordinary shares and Redeemable shares carry the same rights and rank pari passu in all aspects, including in respect of dividends, voting and on the return of capital.


- 39 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

21.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transactions costs. 

Profit & loss account

The profit & loss account comprises accumulated profits and losses less any dividends declared by the balance sheet date. 

22.


Analysis of net debt




At 1 July 2022
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

7,156,321

(1,530,337)

5,625,984

Shareholder Loans

(7,630,335)

4,422,268

(3,208,067)


(474,014)
2,891,931
2,417,917


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £474,427 (2022: £409,633). Contributions totalling £125,135 (2022: £99,046) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 30 June 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
74,966
110,401

Later than 1 year and not later than 5 years
164,818
47,909

239,784
158,310
- 40 -

 
MRA UK INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

25.


Related party transactions

The Group have taken advantage of the exemption available under Financial Reporting Standard 102 section 33 relating to the disclosure of related party transactions between wholly owned group companies. 
At year end, the Group was owed £1,162,547 (2022: £2,190,971) from MRA Professional Services Group Limited, an entity under common control. 
Total remuneration received by key management personnel in the year amounted to £941,556 (2022: £527,698).


26.


Controlling party

As at 30 June 2023 the Company's ultimate controlling party was Mr M Adey.

 
- 41 -